Another nasty week for Wall Street

By Ken Sweet, contributing writerAugust 19, 2011: 4:48 PM ET

Click the chart for more market data.

NEW YORK (CNNMoney) -- U.S. stocks were slammed with another wave of late-day selling on Friday as investors were faced with disappointing news from Hewlett-Packard as well lingering issues with Europe's debt crisis and the future of the U.S. economy.

In all, it was another nasty week for U.S. investors, with the Dow, S&P and Nasdaq falling between 4% and 6% over the past five days.

On Friday, the Dow Jones industrial average (INDU) dropped 173 points, or 1.6%, to end at 10,818. The S&P 500 (SPX) lost 17 points, or 1.5%, to finish at 1,124 and the Nasdaq Composite (COMP) fell 39 points, or 1.6%, to 2,342.

The biggest drag on the blue chips was Hewlett-Packard (HPQ, Fortune 500), which dropped 20% on the day.

Hewlett-Packard disappointed investors Thursday after the company cut its full-year forecast, announced it was ending its tablet business and said it was looking to exit the consumer PC business as well.

World markets dropped for a second straight session, as global economic fears continued to build.

"Global markets remain rattled by a crisis that is fast morphing into a global banking and economic crisis on one side, and a very piecemeal policy approach to contain risks on the other," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

Adding to these concerns, Deutsche Bank downgraded its economic forecast for China, saying a slowdown or recession in the U.S. or European economies would be "the single most important shock to the Chinese economy," and could slow the nation's GDP growth to 7%.

In 2010, China's economy grew at a robust rate above 10%, and is forecast to grow more than 9% in 2011.

Meanwhile, JPMorgan Chase sliced its fourth-quarter U.S. GDP growth estimate to 1%, down from its previous projection of 2.5%. The bank also warned that the risks of a recession are "are clearly elevated."

"It's not a foregone conclusion that we're recession-bound, [but] clearly the U.S. economy is slowing," said Rob Lutts, chief investment officer with Cabot Money Management.

Investors continued to seek shelter in traditional safe havens, including gold. The precious metal jumped as much as $59.40 on Friday, bolting to a fresh intraday record of $1,881.40 an ounce before pulling back to a settlement record of $1,852.20.